The S&P/ASX 200 Index (ASX: XJO) is back on form and pushing higher. In afternoon trade, the benchmark index is up 0.25% to 6,994.8 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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HMC Capital Ltd (ASX: HMC)
The HMC Capital share price is up 3% to $4.73. This morning, Bell Potter initiated coverage on the property company with a buy rating and a $5.55 price target. The broker said: " We prefer REITs where there is a combination of: (1) Low future interest expense impact via higher hedging, already higher WACD, low gearing or actively selling assets in a more-liquid sub-sector; (2) Have underlying earnings growth look forward / solid LFL rental growth; and (3) Prefer healthcare, petrol stations and industrial subsectors over retail and office."
James Hardie Industries plc (ASX: JHX)
The James Hardie share price is up 13% to $46.65. This follows the release of the building materials company's second-quarter update. James Hardie reported flat net sales of $998.8 million but a 2% lift in adjusted net income to a record of US$178.9 million.
Piedmont Lithium Inc (ASX: PLL)
The Piedmont Lithium share price is up 3% to 44.2 cents. Investors have been buying this lithium miner's shares after it delivered its first quarterly revenue and profit. Piedmont reported revenue of US$47 million on sales of 29,011 dry metric tons (dmt) of lithium concentrate. Gross profit came in at US$24 million and adjusted net income was US$17 million.
WA1 Resources Ltd (ASX: WA1)
The WA1 Resources share price is up 17% to $11.01. This morning, the niobium explorer revealed that assays from 100 metre-spaced drillholes in the eastern zone further demonstrate continuity of the shallow high-grade blanket of niobium mineralisation at the Luni carbonatite. Niobium is a critical metal with unique properties that make it essential as the world transitions to a low-carbon economy.
